Coast Capital Savings
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| Type | Credit Union |
|---|---|
| Founded | 2000 |
| Headquarters | Surrey, British Columbia, Canada |
| Key people | Tracy Redies - President & CEO |
| Industry | Financial services |
| Revenue | $272.3 million CAD (2008) [1] |
| Net income | $52.4 million CAD (2008) [1] |
| Total assets | $10.5 billion CAD (2008) [2] |
| Employees | 2000 |
| Website | coastcapitalsavings.com |
Coast Capital Savings is a credit union based in Surrey, British Columbia, and the second largest credit union in Canada after Vancity. As of 2008, the credit union had $12.3 billion in assets under administration, including $1.7 billion in mutual funds, 2000 employees, 50 branches, and over 404,000 members.[1] Coast Capital operates Coast Capital Investments and Coast Capital Insurance. The credit union was named one of British Columbia’s Top 50 Employers in 2009 and was the 2008 recipient of the Canadian Co-operative Association's Innovations in Co-operative Governance Award.
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[edit] History
Coast Capital Savings was created out of a merger on December 31, 2000 between Pacific Coast Savings Credit Union and Richmond Savings Credit Union. Pacific Coast Savings was founded in 1940. Richmond Savings was formed seven years later in 1947. In June 2002, Coast Capital Savings merged with Surrey Metro Savings, a credit union formed in 1947.[3]
[edit] Services
In 2005, Coast Capital Savings launched its "Free Chequing, Free Debit and More" Account, the first retail financial institution in Canada to offer a free chequing account.[citation needed] Coast Capital Savings has also recently launched a new design for its branches, called "Aperio", a more open, less formal banking experience centred on retail banking services. The Aperio design is a copy of the "Occasio" branch banking design developed and patented by Washington Mutual in 2004.[4] Many of the products, services and advertising of Coast Capital Savings has been adapted from the innovations of Washington Mutual. In 2007, Coast Capital Savings launched its "One Small Fee, the Rest is Free" Business Account, the first retail financial institution in Canada to offer unlimited business banking for one set fee with no transaction fees (fees for deposits and withdrawals). [5] In 2008, Coast Capital changed its "Coast Maximum" Savings Account to the "High-Interest, No-Fee" Savings Account. This savings account is Canada's second high-interest savings account with no fees and unlimited access (ING Direct Canada was the first to offer such an account) but Coast Capital Savings offers a lower rate than competitors such as ING Direct or ICICI Bank. Coast Capital Savings currently offers VISA credit cards through Desjardins, a credit union in Quebec. Coast CapitalIt also promotes volunteering with its staff.[6]
[edit] Class Action Overdraft Lawsuit Settlement
In April 2009, Coast Capital Savings agreed to reimburse credit union members who were charged overdraft fees. Coast Capital Savings agreed to the settlement to avoid further legal proceedings, but claim that the "agreement to settle is not an admission of liability or wrongdoing, but rather a way to speedily resolve the issue in everyone’s best interests."[7]
[edit] Privacy Breach
In July 2009, an employee at Coast Capital Savings inadvertently emailed a list of the insurance claims of 464 clients to about 75 Metro Vancouver media outlets. The email attachment included names, postal codes and the amounts of property insurance claims, but no social insurance numbers, addresses or account numbers. The B.C. Office of the Information and Privacy Commissioner said it would look into the breach to see whether it warrants a full investigation.[8] No investigation was necessary, as the Privacy Commissioned deemed that Coast Capital's responsible, immediate and responsive actions to rectify the matter on behalf of its members was well managed and executed.
[edit] Membership
Coast Capital Savings is a member of Central 1 Credit Union and is registered with the Credit Union Deposit Insurance Corporation of BC.
[edit] External links
[edit] References
- ^ a b c Coast Capital Savings 2008 Annual Report
- ^ Credit Union Central of Canada - Top 100 Largest Credit Unions - Results Q2 2009
- ^ Two big B.C. credit unions plan to merge. CBC News. 5 March 2002.
- ^ "WaMu - Newsroom - Occasio Overview". http://newsroom.wamu.com/phoenix.zhtml?c=189529&p=irol-occasioOverview.
- ^ Coast Capital Savings Credit Union - The One Small Fee, the Rest is Free Business Account
- ^ Coast Capital Offers Staff Paid Time to Volunteer for Favourite Charities. Marketwire. 7 Dec. 2005.
- ^ "Coast Capital Savings class action overdraft lawsuit settlement". https://www.coastcapitalsavings.com/About_Coast_Capital_Savings/Corporate_Information/Overdraft_Reimbursement/?mdi-campaign=CMP=PersonalWhatsNew&id=Overdraft.
- ^ "B.C. bank accidentally emails insurance claim list to media". http://www.cbc.ca/canada/british-columbia/story/2009/07/21/bc-bank-emails-insurance-media-coast-capital.html.
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